Chainlink Price Prediction shows the bulls are aiming for fresh support near $26.5

Chainlink price prediction summary

• Chainlink price analysis is bullish today.
• LINK/USD saw a strong decline yesterday.
• Support was found at $23.5.

Today’s price increase for Chainlink is likely due to a possible retreat today after yesterday’s strong drop. As a consequence, LINK/USD is poised to revisit the $25.5 mark, where it functioned previously as a barrier.

Over the previous day, the market rose upwards. Bitcoin increased 3.75 percent, while Ethereum increased by 2.85 percent. Meanwhile, Binance Coin performed best, increasing by more than 15%.

Chainlink price movement in the last 24 hours: Chainlink retraces to $23.5

The price of LNK/USD has been trading within a $23.57 to $25.12 range for the past 24 hours, indicating substantial fluctuations over this period. Trading volume rose by 1.83 percent, with $978 million traded in 12 hours overnight, putting the market capitalization at roughly $11.4 billion, which places it at #20 of the most valuable cryptocurrency on Coinmarketcap.

LINK/USD 4-hour chart: LINK to retest $25.5 as resistance?

On the 4-hour LINK price analysis chart, we can see that the Chainlink price is rising as the previous support level of $25.5 will be challenged as resistance.LINK/USD 4-hour chart.

Source: TradingView

The price of Chainlink has been on a tear since October 1. A new significant swing high was established following a rise from $22 to $28 in less than a week.

Over the following week, LINK/USD remained flat below the $28 resistance, with support at $25.5 as a boundary. On October 10th, after a test of the support the day before, a drop occurred.

Chainlink’s price continued to fall on Saturday, eventually reaching a new low of $23.5 as bullish momentum picked back up after the weekend. The $25.5 previous support will be threatened next, with the $25.5 resistance line tested as a barrier.

Chainlink Price Prediction Conclusion 

Chainlink price analysis is bullish today as we expect a recovery to $25.5 previous support turned resistance later today. Once the resistance is retested, LINK/USD could likely be headed lower again later this week.